Major US equity indices slipped lower yesterday and the Asian counterparts failed to show any optimism as they also gravitated lower. On Tuesday House members voted in favour of the US tax bill but the procedure will have to be repeated again as some provisions failed to be in line with a procedural rule. The Senate is also expected to favour the bill in due time.

Meanwhile in the crypto-world Bitcoin dropped back to $15000 levels after a major trading platform anounced support for bitcoin cash.

Data out of Germany yesterday showed that IFO Business Climate and Expectations were both softer than expected. In the US Housing starts and Building Permits for the month of November were both higher than expected.

The US Dollar failed to snap a 2-day losing streak, after closing lower since last Monday. This morning the US Dollar index (DXY), measuring the strength of the US Dollar against a basket of currencies, was still heading south and trading at 93.45 at the time of writing.

Later today we have German producer prices, Carney is expected to address a parliament hearing in london and later this evening we are expecting the GDP figures from New Zealand.